Tuesday 26 January 2021

Infrastructure investment helps spur Bahrain economy

MANAMA, May 29, 2017

The implementation of unprecedented levels of infrastructure investment in Bahrain has helped boost the growth of the kingdom's non-oil sector, an Economic Development Board (EDB) report said.

 In particular, the GCC Development Fund has seen the volume of active projects double from $1.6 billion in Q1 2016 to $3.2 billion in February 2017, the EDB’s Economic Quarterly report said.

Bahrain's non-oil sector's growth of 3.7 per cent helped to fuel overall economic growth of the kingdom, which expanded by 3 per cent in 2016, according to the report.

The non-oil growth (up from 3.6 per cent in 2015) was driven by a number of sectors, with particularly strong performances in finance (one of the largest non-oil sectors, which grew 5.2 per cent during the year), construction (which grew 5.7 per cent) and social and personal services (which grew 9.1 per cent).
Bahrain has a priority programme of $32 billion of infrastructure projects which are expected to continue to act as counter-cyclical growth drivers. These projects include the $2.5-billion Alba Potline 6, an associated $800-million power station deal, the $1.1-billion airport expansion project and a new $355-million Banagas gas plant.
The impact of this investment underpins the expectation that non-oil growth will remain above 3 per cnet in 2017, despite ongoing regionwide fiscal consolidation, the report added.   - TradeArabia News Service

Tags: Bahrain | EDB | growth | non-oil |

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